Summary
Tether, the company behind the world's largest stablecoin USDT, said it completed its first full financial audit — a transparency measure it had promised for years amid scrutiny of the assets backing the token. KPMG U.S. audited Tether International's financial statements for the year ended Dec. 31, 2025 and issued an unqualified opinion, meaning the statements fairly presented Tether's position in all material respects under US GAAP. The statements showed reserves exceeded liabilities by $6.814 billion at the end of 2025.
Key Facts
- First full financial audit completed; KPMG U.S. issued unqualified opinion on 2025 statements
- Audited Tether International financial statements for year ended Dec 31, 2025
- Reserves exceeded liabilities by $6.814 billion at end of 2025
- KPMG examined transactions, systems, valuations, counterparties, ownership records
- Auditors physically counted and inspected Tether's gold bars
- Goes beyond prior quarterly attestations (which check specific reserve data)
- USDT market cap swelled to over $180 billion
- Tether has become a major buyer of US government debt for reserves
- CEO Paolo Ardoino: "For years, some detractors said an audit of Tether could not be completed"
- KPMG spokesperson confirmed unqualified opinion, no further comment (client confidentiality)
- Comes after Tether settled a New York AG investigation years ago
Why It Matters
The audit addresses a decade-long credibility question about USDT's backing — a key piece of crypto market infrastructure whose stability has been a recurring systemic-risk concern ("Tether FUD"). An unqualified opinion from a Big Four firm upgrades Tether's transparency from reserve attestations to full financial statements, which could bolster institutional confidence in stablecoins just as the GENIUS Act implementation and Treasury stablecoin rules move forward. But questions remain: whether Tether will share KPMG's findings, and how the audit's implications interact with US licensing requirements for stablecoin issuers.